Real estate funds and private equity funds managed by Blackstone have completed the acquisition of Crown Resorts.
The transaction, which comprises three premium resort and casino properties in Melbourne, Perth and Sydney, represents the largest transaction for Blackstone in Asia Pacific.
“We are thrilled to become the new owner of Crown, bringing our expertise in hospitality to help the company achieve its full potential as a leading travel and leisure company,” said Blackstone Head of Real Estate Acquisitions Asia Alan Miyasaki.
“We first invested in Crown two years ago, seeing the tremendous underlying potential of the company and its people. We look forward to working with the teams at Crown and applying our experience in owning and operating marquee hospitality brands around the globe with the highest levels of ethics and integrity to create something unique for employees, local communities, and visitors.”
As noted by Blackstone, the firm will now work with the Crown management team and its employees to aim to transform the aforementioned properties into world-class entertainment destinations, continuing the operator’s transformation to operate at the highest standards of compliance, governance and integrity.
Crown Resorts CEO Steve McCann commented: “Today, Crown emerges as part of the Blackstone family, which is the start of a new era for this great company and its 20,000 team members. Over recent times, Crown has undergone immense transformation, and we know under Blackstone’s ownership, we will realise our vision to deliver world-class entertainment experiences and a safe and responsible gaming environment.
“Australian tourism has entered a recovery phase, and we believe this trend will continue. Crown’s suite of outstanding assets has built a loyal customer base over the past 28 years, and we are excited about the opportunities ahead of us as we revitalise Melbourne and Perth and celebrate the addition of Sydney.
“With Blackstone’s investment and expertise, we’re confident Crown will cement its place on the global stage as one of the world’s leading owners and operators of integrated resorts.”
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